First-time buyers need a £53k salary to afford a home in UK's biggest cities

First-time buyers need a £53k salary to afford a home in UK’s biggest cities

To afford a home to buy, you need to have a certain level of money up front. Loans are not given to people who cannot afford to pay a mortgage or a loan back. Lenders, or banks, simply do not give out loans because they feel bad for people and want to help them out. That is not how it works for a variety of reasons. Now, in the UK, first time home buyers need a certain salary to qualify.

Key Takeaways:

If you are looking to buy a home in these areas, you need to reach a certain quota.
Unless you have a good salary and a lot of money, you cannot buy a home in expensive areas.
The government in England is trying to protect the people from over stretching their own resources.

“Higher prices and a further drift upwards in mortgage rates means that these affordability pressures will continue to steadily build.”